Posted by Aurora in California on 4/14/04 11:09pm
Msg #1503

What makes an ideal signing company?

I have been a notary for quite some time and I always keep up with the discussions on this site. I have noticed that all of us as notaries have the same complaints.
1.) signing comapnies try to pay us less than what we are worth ($40 for a signing, totally a lowball figure in my opinion)
2.) they take FOREVER to pay or don't pay at all
3.) the newbies have a harder time securing signings since they don't have much experience under there belts so what tends to happen is they take those low ball signings and under cut what should be a higher industry required pay.

With that said I am tired of working for a signing company to get shafted and have decided I may want to start my own signing company, if all goes well. The purpose of this message is to get suggestions from all other fellow notaries and also pitch a couple of ideas I have come up with and would like your opinions.
My first idea would be to have pay based on a tier system. The more signing experience you have the more you should get paid...period. This way someone with experience and expertiese will not have to settle for less than $50 a signing. Another idea I have is to have free membership and also a vip section where you pay your annual fee and will be offered a signing first over someone with the general membership. Please let me know what you guys think, I am open to suggestions and ideas. As a notary I want to start a company that will benefit all notaries over title and escrow companies.

Reply by vmamw1 on 4/15/04 5:01am
Msg #1505

Well sounds nice. There are few companies who do that already. If you pay a membership fee, you will be selected first over another who has not. i just don't see why any agency, who earns off of us anyway, should be charging any kind of fee, to give us heads up over another. Just my opinion. I also am new, but I have been in the real estate business for 4 years. I know the importance of signing docs and signing them correctly, or suffering the consequences. Does it make me less qualified, because I dont have many signings behind me? I don't think it does. Maybe for those who have no clue at all to the importance of doing work correctly, no experience at all with something as importnt as legal docs, maybe. So though I understand what you are saying, I tend to disagree as far as the experience end of all this. Signings alone doesnt make you qualified, and not to be given a chance,is unfair. Guess thats my point. I do wish you luck, and hope when you do get your company off the ground, I can have the benefit of working with your company. Will wait and watch for your site. Thanks

Reply by Notary/Oakland MI on 4/15/04 9:35am
Msg #1507

Here’s might thought. Why would notaries pay to get jobs if they can sign with other signing services for free. If your business is receiving a lot of signing great, but what happens if you’ve got a notary in a location that you don’t have a lot of signings? They've paid a VIP fee and has not seen a return on this fee. Since notaries "do talk" this could even hurt your business.

It’s a good idea but contrary to what you said about newbie’s, they are going to be your biggest money makers. If you pay more experience notaries more money, then this will cut into your profit margin, this why signing agencies today only pay $50-$60 per signing. I am fairly new, however, despite what people say about newbie’s taking low paying jobs . . I DO NOT! I know this low balls the more experience notaries plus even though I am new, I still provide a valuable service to the public. I had 5 signings last week, and they were all done correctly an accurately. I take pride in my work, and strive for perfection. Once I have mastered the skills needed to be considered an “experienced” and well rounded signing agent, I plan on targeting Title/Escrow companies directly. This cuts out the middleman (signing company), thus putting more money into my pocket. This is how the signing companies make their money.

I do signings part time. I am a fulltime Accountant, so let me give you a little more advice on the facts and figures of running a full service business: If you cut into your profit margins to deep, you will not have any net income, you’ll have a net loss. Case and point, if you pay experience notaries more money than the normal fee for each signing, this is going to cut too deep into your profit margin since you charge the title company more money just because you’re sending someone with more experienced to do the signing. How are you going to pay your overhead employees, business expenses and make a profit at the same time? That’s going to be a little difficult, but in all honesty nothing is impossible. If you feel you can make this happen, do some more research and go for it. You’ll never know unless try, this is just my thoughts. To show my support, I’ll be more than happy to sign up with you.

Reply by Derrick Dodson on 4/15/04 3:43pm
Msg #1514

Everything sounds good but are you sure that you will be able to pay the fees you feel are derserving of experienced notaries. The reason some of these companies pay so low is because they had to negotiate a fee with the lenders and title companies that were lower than some other SS was getting.

Reply by Aurora on 4/17/04 10:34am
Msg #1539

Thanks for all your input! The advice you gave was right on! I scratched the idea of having the VIP section after the great point that was made. Currently I am working on the startup and getting the business end of everything together. I hope to be able to get additional feedback from you guys as I come across them and look forward to your suggestions.
Thanks!

Reply by Notary/Signing Svc on 4/19/04 8:53pm
Msg #1557

One thing that notaries do NOT think of or realize for that matter is the fact that they must have a LOT of money in their bank account prior to starting a signing business. Reason #1 is because YOU, as the signing service, will be paying notaries well before you get paid yourself. There are a lot of responsibilities a signing service has that the notary is not aware of either, but you will soon find that out. Keep in mind too that you have to do a LOT of marketing to "grow" and just one bad notary can cost you an entire account. As for employees, the number you need at the end of the month isn't the same as what you need throughout the rest of the month. It is very hard to find employees who only want to work 1-2 full weeks, and then 1-2 part-time weeks (if not time off). I was a "signing agent" once myself, and with over 1000+ signings under my personal belt, my thinking is still - where else are you going to get a job that does not require a college degree and still make $50 per hour? Also, notaries need to take a look at those docs during your next signing ... interest rates are NOT getting lower anymore. This is going to create many job losses, from lenders to notaries ... and guess who is going to be without the work - the ones who want to make an easy $100+. Take a look at the various notary websites, the NNA has promoted getting rich by becoming a notary - Notaries are darn near a dime a dozen. The signing company (who MUST provide superior service to stay in business) does a LOT of work - and provides many notaries with work they otherwise would not have. The accountant is very accurate in her figures - you don't make a profit UNTIL you service mass quantities. Just food for thought.